Jul 14, 2017
Threat of nationwide strike at Royal Mail increases
The main trade union at Royal Mail has repeated its opposition to a proposed new pension arrangement, increasing the possibility of a first nationwide strike since the postal operator was privatised four years ago. The defiant stance from the Communication Workers' Union came as another union representing managers at Royal Mail said it would seek out its members' views on what it called "The best achievable [offer] in the circumstances". Royal Mail wants to replace its existing £9.8bn defined benefit pension scheme, which offers a guaranteed income in retirement, with a different kind of 'DB' scheme that instead provides employees with a cash lump sum linked to the value of their contributions. Initially, Royal Mail offered a 'defined contribution' scheme, where employees bear all the investment risk for their pension savings. Royal Mail says the latest proposal would keep its payments into pension pots at £400m a year.
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